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post #14 of (permalink) Old 03-02-2011, 05:16 PM
Grand Am Series
Join Date: Aug 2010
Location: Westminster, Maryland
Posts: 366
Re: Is it better to trade in or sell privately?

[quote author=Dantzig link=topic=174456.msg3732645#msg3732645 date=1279560358]
Private party is usually best when you have a nice car that is in demand. With a car in poor-fair condition like yours, you might be better off trading it in. Having tons of people come look at your car just to decide not to buy it because of defects in a huge waste of time. Another option is selling it to Carmax. You should at least see what Carmax would offer you.

Something that a lot of people don't realize is that many states give you a sales tax credit if you sell a car and then buy a replacement within 120 days so trading your car in isn't the only way to avoid paying sales tax on the full purchase price of the new vehicle.

Carmax typically will not accept vehicles that have been in an accident of any kind. They don't want to be held liable if something happens and a past accident is the reason; therefore, someone could argue they were sold an unsafe product. This is the case with the ones in Maryland because when I took mine in to get a quote that was the first thing they asked me before they told me that policy. Could be different in other states though. Just have to remember even with a carmax they aren't going to buy it from you for the kelley blue book price you looked up right before you went in there. You're going to get an offer less than that because they have to make money of the car as well when they re-sell it.

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